Haw. Code R. § 16-17-11.1 - Risk-based capital regulatory action guidelines for risk retention captives
Risk retention captives subject to the risk-based capital requirements pursuant to sections 431:3-401 to 431:3-408, Hawaii Revised Statutes, may petition the commissioner to waive any risk-based capital regulatory action requirement if the risk retention captive can demonstrate, by filing five years of projected pro forma financial statements of the risk retention captive, that any of the following exists:
(1) The financial condition and support of
the risk retention captive members or sponsoring organization or both is
evidenced by the members or sponsoring organization or both maintaining:
(A) An investment grade rating from a
nationally recognized statistical rating organization, or an A.M. Best rating
A- or higher; or
(B) Equity equal
to or greater than $100 million, or equity equal to or greater than twenty
times the risk retention captive's largest net retained per occurrence limit,
as evidenced by the filing of at least the five most recent years of audited
financial statements of the members or sponsoring organization, or
both.
(2) The risk
retention captive's certificate of authority is dated prior to January 1, 2011,
and based upon review of the risk retention captive's five most recent years of
successful operating history, the commissioner issues a written exemption from
the mandatory risk-based capital action requirements.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.